October 5th 2026, 5:31 PM
Crypto Market Shifts Post-Treasury Drop
Key Summary
Bitcoin (BTC) maintained a value above $85,000 as the US Treasury's Financial Crimes Enforcement Network withdrew its proposed rule to report and record crypto transactions involving self-custodied wallets. The plan, which was set to take effect in December 2020, would have required banks and money services businesses to file reports on transactions above $10,000 involving unhosted or covered wallets. In contrast, the US Commodity Futures Trading Commission (CFTC) proposed its first crypto market rules, which will aim to regulate the trading of digital assets.
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Regulatory Developments
The US Treasury has dropped its wallet reporting plan for cryptocurrency transactions, which had been a major point of contention in the industry.CFTC Proposes Crypto Rules
CFTC Chairman Michael Selig said they were proposing their first crypto market rules, Regulation CTX and Regulation CAM.Market Reaction
Bitcoin has seen a significant surge in value, holding above $85,000 in response to the news.#Bitcoin#US#Crypto#SEC